Business

Hewetson: totally floored

Article Abstract:

Hewetson is a building materials concern specialising in floors, with Hewetson Floors accounting for nearly 50% of the total turnover. The group has been affected by problems in the UK housbuilding industry in 1995 to 1996, but conditions began to improve in the second half of that year and this improvement is continuing into 1996 to 1997. The company has carried out acquisitions which should improve its performance and a pre-tax profit of 1.7 million pounds sterling is forecast for 1996 to 1997.

Tarmac

Article Abstract:

Tarmac is to demerge its heavy building materials operations from its construction arm to release value from the former. The 317 million pounds sterling worth of borrowings of the group will be retained by the building materials side, but borrowing will be needed to put funds into the construction side. The company's stock price is likely to rise as a result of the merger, and stockholders should receive documents in 2nd qtr 1999, according to the company.